After two productive days of talks in Washington, sources told Bloomberg Friday that the U.S. and China agreed to a partial trade deal, laying the foundation for a broad deal that Presidents Trump and Xi Jinping could sign later this year.
“China would agree to some agricultural concessions and the U.S. would provide some tariff relief,” Bloomberg reports. Treasury Secretary Steve Mnuchin did not confirm an agreement during a press conference, saying the U.S. has had “a productive two days” of negotiations with the Chinese.
Friday morning, Trump seemingly tweeted in anticipation of the deal.
One of the great things about the China Deal is the fact that, for various reasons, we do not have to go through the very long and politically complex Congressional Approval Process. When the deal is fully negotiated, I sign it myself on behalf of our Country. Fast and Clean!
— Donald J. Trump (@realDonaldTrump) October 11, 2019
Trump confirmed the deal elaborated on the details Friday afternoon during a meeting He in the Oval Office. The president said a “phase one” agreement was in place and would take several weeks to write, but would likely be signed by both sides in November.
The provisions include China purchasing $40 billion to $50 billion worth of American agricultural products, along with agreeing to guidelines on how it manages its currency, and policies with intellectual property, including forced technology transfer.
On Wall Street, stocks rose on Friday as investors anticipated a positive conclusion to negotiations. The S&P 500 was up roughly 1.8 percent before midday, putting the benchmark stock market index on track to snap losses over the previous three weeks, while the Nasdaq composite index rose 1.9 percent.